The Best International Islamic Finance Centre in Malaysia

Islamic Banking and Finance |


Malaysia has been recognized as a pioneer and leader in Islamic finance. The Malaysia International Islamic Financial Centre (MIFC) came into existence in August 2006. It is a demonstration of the country’s commitment to serving as a major hub for international Islamic finance. In the following, we will give you a brief introduction to Malaysia International Islamic Financial Centre.

 

Objectives of Malaysia International Islamic Financial Centre (MICF)

  1. The MIFC aims to maintain Malaysia’s position as a vibrant, innovative, and competitive Islamic financial hub, playing key roles in facilitating relationships between international Islamic financial markets. As well as bridging and expanding investment and trade relations between East Asia and the Middle East, West Asia, and North Africa is the main point.
  2. With the founding of the MIFC Executive Committee, the Malaysian government has streamlined its public service delivery channels to aid the MIFC’s progress.
  3. The Committee consists of 28 senior executives. They are important federal ministries, especially government departments and agencies, financial and market authorities. Additionally , key banking and takaful industry members are also part of it.
  4. The Committee provides high-level policy direction while overseeing the review of existing policies toward ensuring the comprehensive and coordinated promotion of the MIFC. The MIFC Secretariat, formed by Bank Negara Malaysia, functions as the single contact point for the MIFC.

Achievments

The Annual London Sukuk Summit Awards of Excellence named MIFC the “Best International Islamic Finance Center” in 2008, 2009, and 2010. In addition, The Asset Magazine named MIFC the “Islamic Finance Hub of the Year 2009″. The Islamic Finance Awards of 2009 named Bank Negara Malaysia (BNM) the “Best Central Bank in Promoting Islamic Finance.”
Malaysia is unquestionably one of the world’s most important players in Islamic finance, particularly in the Islamic Capital Market.

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